1 00:00:06,69 --> 00:00:11,26 With Polk County community and small business assistance center at the community 2 00:00:11,27 --> 00:00:15,29 and small businesses and center we strive to ensure each community and its 3 00:00:15,30 --> 00:00:19,72 residents have access to the assistance and resources they need to grow and succeed 4 00:00:20,27 --> 00:00:24,78 we help position communities and small businesses for success through education 5 00:00:25,10 --> 00:00:28,07 technical assistance and research starting 6 00:00:28,08 --> 00:00:31,97 a business is not something to venture into without much thought or consideration 7 00:00:32,85 --> 00:00:34,54 whether you have yet to come up with 8 00:00:34,55 --> 00:00:40,31 a business idea or looking to an idea it's important to consider how to execute and 9 00:00:40,32 --> 00:00:45,24 the chief of your goals. Before starting your business you may want to ask yourself 10 00:00:45,86 --> 00:00:48,78 am I self-motivated starting a business is 11 00:00:48,79 --> 00:00:53,83 a difficult undertaking and requires time and dedication one day may be filled with 12 00:00:53,84 --> 00:00:55,86 excitement and the next may be filled with 13 00:00:55,87 --> 00:01:01,00 a number of frustrations so you may want to ask yourself Am I able to remain 14 00:01:01,04 --> 00:01:06,26 motivated during frustrating and difficult times. Are you comfortable with taking 15 00:01:06,27 --> 00:01:10,68 risks starting your own business can be an extremely rewarding and enjoyable 16 00:01:10,69 --> 00:01:15,39 experience there are however inherent risks associated with starting 17 00:01:15,40 --> 00:01:20,00 a business so identify any potential risks and ways in which your business can 18 00:01:20,01 --> 00:01:25,73 respond and adapt. You must set realistic goals and understand that the market has 19 00:01:25,74 --> 00:01:30,19 the potential to shift. Does your family support your decision to start 20 00:01:30,20 --> 00:01:35,82 a business it's important to engage your family early on inform them of the process 21 00:01:35,83 --> 00:01:39,87 that will be taking place what that entails and the ways in which they can be 22 00:01:39,88 --> 00:01:44,75 impacted. Their confidence and support will make the road to starting your business 23 00:01:44,87 --> 00:01:47,44 that much easier. Do you have 24 00:01:47,45 --> 00:01:51,71 a sense of knowledge in the field you are entering if you're planning to enter an 25 00:01:51,72 --> 00:01:55,94 industry in which you have no prior experience it's important that you do your 26 00:01:55,95 --> 00:02:00,94 research you may want to consider talking to people with your target industry 27 00:02:01,47 --> 00:02:06,92 reading trade magazines or even participating in an apprenticeship expanding your 28 00:02:06,93 --> 00:02:12,19 knowledge is to your benefit do you have the financial resources to fund your 29 00:02:12,20 --> 00:02:16,36 business and maintain your home for up to twelve months there are 30 00:02:16,37 --> 00:02:18,51 a number of costs associated with starting 31 00:02:18,52 --> 00:02:24,22 a business so start up costs for inventory operating capital and any legal or 32 00:02:24,23 --> 00:02:30,20 professional fees calculate your monthly overhead parental supplies utilities and 33 00:02:30,21 --> 00:02:35,51 factor in your salary and any employee or contractor wages Once you have the 34 00:02:35,52 --> 00:02:40,45 operating cost factor in the costs associated with supporting your home the 35 00:02:40,46 --> 00:02:44,63 financial data you collect will provide you with information you need to determine 36 00:02:44,88 --> 00:02:49,92 when to start your business and whether additional financing is necessary remember 37 00:02:49,93 --> 00:02:53,93 the Polk County community and small business assistance center is here to help 38 00:02:53,94 --> 00:02:58,37 small businesses succeed for more information on how we can help your business 39 00:02:58,43 --> 00:03:01,88 please visit our Web page at W.W.W. 40 00:03:02,10 --> 00:03:07,82 Dot Polk County net click the department tab and select community and small 41 00:03:07,83 --> 00:03:12,84 business assistance or feel free to call our office at eight six three five three 42 00:03:12,85 --> 00:03:14,58 four five nine one five.